After I read what I posted yesterday about our financial situation I realized that some may have gotten the wrong impression so I will attempt to clarify.
The repairs to the Lexus I paid for with money that my folks had given to us at Christmas time as an advance on my inheritance. Not sure why they felt that it was necessary but was glad for the assistance at a time when it was needed.
Puppy surgery went on the credit card till we can get the bike sold. So even if I have to make a few payments it will be covered shortly.
The $50,000 lost on the real estate development was my pension money from my government service so basically what I never had I can't miss. I probably will once I decide to retire but for the moment I am just chalking it up to a bad investment.
Now for the new vehicle portion. This one gets a little complicated but I will try. My 2007 Lexus was totally paid for so the trade in value was all towards the new vehicle. New price minus trade in was a little over $11000 financed over 66 months at $190/month = $12540. By doing this and getting bumper to bumper warranty for 8 years I get rid of the headache of worrying about how many more repairs I have to put on the Lexus.
Sometimes things don't make a whole lot of sense when you read or just think about them but when you do the math it works. The Lexus is very expensive to maintain and uses premium gas. The new one gets free services, uses regular gas and I get .30 cents a litre off my gas till 2013. The amount I will save in gas alone each month will most likely make the payments for the next year. Also, the mileage per litre of gas will most likely double as the new vehicle is only half the weight of the Lexus.
Believe me I will have to do a little more budget crunching and pray that we don't have any more major expenses but I am up for the challenge and if need be I can get a second job. I just cannot afford to keep the Lexus and worry each day what may or may not go wrong with it. Luxury vehicles are nice but once the warranty is off of them they become a big liability. We bought the Lexus in 2007 at a really good price and I got almost what I paid for it on trade in value. If I wait another year to trade it in then I run the risk of doing more repairs and will lose on the trade in value as once they hit 5 years old they go down hill fast.
Some may not agree that I did the right thing but when I sat down and discussed it with hubby and son it was the best alternative at this time.
In the meantime we plod along and pray that Canada Pension approves hubby's disability application and that the lawyer can get a good settlement from the insurance company.
I pray you all have a fantastic day tomorrow and a wonderful weekend (don't tell anyone but they are forcasting snow for us this weekend).